智通财经APP获悉，加拿大总理马克·卡尼周五在与内阁会晤后宣布，加拿大将取消对大部分符合《美 墨加协定》(USMCA)条款的美国产品征收的报复性关税，以缓和与白宫的紧张关系。 自9月1日起，来自美国的大范围消费品若符合USMCA规则，将不再被征收25%的进口关税。不过，加 拿大将继续对美国钢铁、铝产品及汽车征收25%的关税，这些行业此前均遭到美国总统特朗普政府加征 关税。 卡尼表示，此举旨在为即将展开的USMCA审查做准备。他在渥太华的新闻发布会上强调："加拿大和美 国已经恢复了绝大多数商品的自由贸易。我们将继续保留对钢铁、铝材及汽车的关税，并与美方密集磋 商以解决相关分歧。" 加拿大是少数迅速对美国保护主义举措采取报复行动的国家之一，这曾引发特朗普及美国商务部长卢特 尼克的不满。据知情人士透露，美方在谈判中多次敦促加拿大撤销反制关税，认为这是全面谈判的障 碍，而美方并未在此过程中做出任何实质性让步。 根据加拿大帝国商业银行首席经济学家Avery Shenfeld的分析，反制关税并未显著推高加拿大通胀，也 未能阻止特朗普政府加征关税，但若撤销关税有助于换取美方在对加商品关税上的让步，加拿大或能从 中获益。 数 ...

新华社华盛顿8月22日电 美国总统特朗普22日表示，如果美国联邦储备委员会理事莉萨·库克不辞 职，"我就会解雇她"。 特朗普当天突然造访与白宫仅一街区之隔的一座白宫主题博物馆，在回答媒体记者提问时说："她（库 克）的所作所为很糟糕……如果她不辞职，我就会解雇她。" 美国联邦住房金融署署长比尔·普尔特20日公开指认库克曾同时将两处房产申报为其"主要住宅"以获取 更优惠贷款利率，并向司法部提交一份刑事指控。特朗普当天晚些时候在社交媒体上转发相关报道并 称"库克必须辞职"。库克同日发表声明说，她不会"因一个帖子提出一些问题就被霸凌到辞职"。21日， 美司法部表示将对库克展开调查。 库克由前任总统拜登于2022年提名担任美联储理事并经由国会批准。美联储现任7名理事中，只有两人 为特朗普提名。 近期，特朗普因不满美联储不肯配合他降低基准利率，多次猛烈抨击美联储主席鲍威尔，并呼吁他提前 卸任。库克曾表示，特朗普正在推进的贸易政策可能会抑制美国生产力，并可能迫使美联储在一个效率 下降的经济环境中提高利率，以遏制通胀。 鲍威尔22日在怀俄明州杰克逊霍尔市一场美联储年度经济研讨会上就美国当前经济状况与短期展望发表 讲话，发出降 ...

1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core Viewpoints of the Report - The soybean oil market is in a "weak reality + strong expectation" pattern. Short - term callback space is limited, and it is bullish in the long - term. Consider 1 - 5 positive spread operations [3]. - The rapeseed oil price is expected to fluctuate in the short term due to trade policy changes and sufficient inventory [3]. - The palm oil price has a short - term adjustment demand due to factors such as price comparison pressure and potential production impacts in Indonesia [4]. - The soybean meal is in a "weak reality + strong expectation" situation, and the price is expected to be bullish in the long - term [3][4]. - The corn and corn starch prices are expected to continue to be under pressure [5]. - The soybean price is affected by new supply and market sentiment, with a short - term bearish outlook [6]. - The peanut price is under pressure due to expected increased production and lower costs, with a short - term bearish outlook [6]. - The live pig price is affected by policies and supply - demand, with a short - term fluctuating rebound and a long - term focus on capacity reduction [7]. - The egg price is at a low level, and the market expects terminal consumption improvement to drive a price rebound [8]. 3. Summary According to the Catalog 3.1 First Part: Sector Strategy Recommendation 3.1.1 Market Judgment | Sector | Variety | Market Logic | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean 11, Soybean 2 09 | Tense Sino - US and Sino - Canadian trade relations; new domestic soybeans are on the market, supply increases | 3900 - 3930, 3640 - 3670 | 4145 - 4150, 3950 - 4000 | Fluctuation, Fluctuation adjustment | Light - position short - selling, Temporary observation | | | Peanut 11 | Expected production increase and cost reduction | 7500 - 7600 | 8100 - 8162 | Fluctuation with a downward bias | Hold short positions | | Oils | Soybean oil 01 | Potential reduction in Canadian rapeseed imports, sufficient inventory in the short - term, long - term positive outlook | 8230 - 8300 | 8800 - 9000 | Fluctuation adjustment | Temporary observation | | | Rapeseed oil 01 | Short - term supply increase | 9600 - 9610 | 10300 - 10343 | Fluctuation adjustment | Temporary observation | | | Palm 01 | Good export demand from the origin, concerns about Indonesian production | 9060 - 9074 | 9900 - 9990 | Fluctuation with an upward bias | Reduce long positions | | Protein | Soybean meal 01 | Tense Sino - US and Sino - Canadian trade relations, expected reduction in soybean arrivals in the fourth quarter | 2950 - 2980 | 3200 - 3250 | Fluctuation with an upward bias | Light - position long - buying | | | Rapeseed meal 01 | Potential reduction in Canadian rapeseed imports, weak consumption | 2500 - 2523 | 2698 - 2708 | Fluctuation with an upward bias | Hold long positions | | Energy and By - products | Corn 11 | Continuous release of imported corn, stable new - season expectations | 2100 - 2120 | 2240 - 2250 | Fluctuation with a downward bias | Hold short positions cautiously | | | Starch 11 | Weak corn price, relatively loose spot market | 2400 - 2420 | 2580 - 2590 | Fluctuation with a downward bias | Hold short positions cautiously | | Livestock | Live pig 11 | Feed price rebound, strong expectation of capacity reduction | 13500 - 13750, 14500 - 15000 | | Fluctuation rebound | Hold long positions | | | Egg 10 | Capacity pressure + consumption peak season expectation | 3000 - 3050 | 3300 - 3350 | Fluctuation to find the bottom | Observation | [11] 3.1.2 Commodity Arbitrage - For inter - delivery arbitrage, most varieties suggest waiting and seeing, while the soybean meal 3 - 5 spread recommends a positive spread operation with a target of 300 - 400. The live pig 9 - 1 and egg 9 - 1 spreads suggest positive spreads at low prices [12][13]. - For inter - variety arbitrage, the 09 soybean oil - palm oil spread suggests short - biased operations, the 09 rapeseed oil - soybean oil spread suggests long - biased operations, and the 09 soybean oil - meal ratio recommends long - buying operations [13]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties in the feed, livestock, and oil sectors [14]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It shows the import costs of soybeans, rapeseeds, and palm oils from different origins and different shipping dates [16][17]. - **Weekly Data**: Presents the inventory and operation rates of beans, rapeseeds, palm oils, and peanuts [18]. 3.2.2 Feed - **Daily Data**: Lists the import costs of corn from Argentina and Brazil in different months [18]. - **Weekly Data**: Displays the consumption, inventory, and operation rates of corn and corn starch in deep - processing enterprises [19]. 3.2.3 Livestock - **Pig**: Provides daily and weekly data on live pig prices, breeding costs, profits, slaughter data, etc. [20][22][23]. - **Egg**: Offers daily and weekly data on egg prices, production rates, inventory, and related prices [21][24]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock (Pigs and Eggs)**: Includes charts of main contract closing prices, spot prices, and other relevant data of live pigs and eggs [25][28][29][34]. - **Oils and Oilseeds**: - **Palm Oil**: Covers charts of Malaysian palm oil production, exports, inventory, and domestic palm oil inventory, trading volume, etc. [37][40][44]. - **Soybean Oil**: Contains charts of US soybean crushing volume, soybean oil inventory, domestic soybean oil factory operation rates, inventory, etc. [47][48]. - **Peanut**: Shows charts of domestic peanut arrival, shipment, processing profits, and inventory [51][52]. - **Feed**: - **Corn**: Has charts of corn closing prices, spot prices, inventory, import volume, and processing profits [55][56]. - **Corn Starch**: Includes charts of corn starch closing prices, spot prices, operation rates, inventory, and processing profits [58][59]. - **Rapeseed**: Displays charts of rapeseed meal and rapeseed oil spot prices, basis, inventory, and processing profits [60][63][65]. - **Soybean Meal**: Presents charts of US soybean growth rates, soybean and soybean meal inventory [67]. 3.4 Fourth Part: Option Situations of Soybean Meal, Feed, Livestock, and Oils The report provides charts of historical volatility and trading volume of options for various varieties [69][70]. 3.5 Fifth Part: Warehouse Receipt Situations of Feed, Livestock, and Oils The report includes charts of warehouse receipt quantities for various varieties such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanut, corn, corn starch, live pig, and egg [72][73][74].

△丽莎·库克（资料图） 特朗普在帖文中援引了彭博社的一篇报道。该报道指出，美国联邦住房金融局（FHFA）局长呼吁司法 部长帕姆·邦迪对库克在两笔抵押贷款中的问题展开调查。 这一举动是特朗普政府近期一系列加强对民主党人士及其任命对象法律审查行动中的最新一步。 今年5月，丽莎·库克曾表示，特朗普正在推进的贸易政策可能会抑制美国生产力，并可能迫使美联储在 一个效率下降的经济环境中提高利率，以遏制通胀。（央视记者 刘骁骞） 当地时间8月20日，美国总统特朗普在其社交平台"真实社交"上发文称，美联储理事丽莎·库克（Lisa Cook）必须立即辞职。 ...

Report Summary 1. Report Industry Investment Ratings The report does not provide a comprehensive industry investment rating but offers specific investment suggestions for various commodities and financial instruments. 2. Core Views - The market shows short - term expectation differences due to the extension of tariff exemption clauses in the second round of Sino - US trade talks and the central political bureau meeting. Different sectors present diverse trends, and corresponding trading strategies are recommended for each sector [2]. 3. Summary by Related Catalogs Financial Sector - **Stock Index Futures**: The index is in high - level shock with sector rotation. It is recommended to sell far - month contracts and short the 6300 - 6400 strike price MO put options, with a mild bullish view [2]. - **Treasury Bond Futures**: The short - term bond market lacks driving forces. The market should focus on the new tax regulations and the primary issuance pricing of newly tendered treasury bonds. The bond futures are expected to fluctuate strongly, and it is recommended to turn to a wait - and - see stance and pay attention to July economic data and new bond primary bidding [2]. - **Precious Metals**: Gold maintains a strong - side shock with increased intraday fluctuations. It is advisable to buy on dips and hold in stages or sell put options with a strike price below 760 yuan to earn time value. Silver is driven by both financial and commodity attributes, and long positions should be continued to hold [2]. Shipping and Black Metal Sector - **Shipping Index**: The container shipping index (European line) is expected to be weakly volatile, and a short - selling approach on rallies is recommended. For steel, a long - on - pullback attempt is suggested. For iron ore, short on rallies and long coking coal while short iron ore. For coking coal and coke, long on dips is recommended [2]. Non - ferrous Metal Sector - **Copper**: The price is supported by fundamentals, with the main contract referring to 77000 - 79000. The warehouse receipt volume is rising, and the medium - term oversupply trend remains unchanged [2]. Energy and Chemical Sector - **Energy**: The oil price is expected to be weakly volatile. It is recommended to adopt a band - trading strategy and wait for the geopolitical situation to become clear. For various chemical products, different trading strategies are provided according to their supply - demand situations, such as short - selling, long - buying on dips, and trading within a range [2]. Agricultural Product Sector - Different agricultural products have different price trends. For example, soybeans are under pressure from a good harvest expectation, while palm oil maintains a strong - side shock. Corresponding trading strategies like long - holding, short - selling on rallies, and reducing short positions are recommended [2]. Special Commodity and New Energy Sector - Special commodities such as glass and rubber have different trends, and corresponding trading strategies are provided. In the new energy sector, for products like polysilicon and lithium carbonate, different trading suggestions based on their market situations are given [2].

Financial Data and Key Metrics Changes - The company recorded revenue of $481.2 million, a slight reduction of 1.4% year-over-year, but an increase of $58.2 million sequentially from Q1 [15] - New and used equipment sales in the Construction and Master Distribution segments increased by $24.7 million year-over-year, a 15.4% increase, while Material Handling segment sales decreased by $8.3 million [15][16] - Adjusted EBITDA for the quarter was $48.5 million, with a free cash flow before rent to sell decisioning of approximately $32 million [21][22] Business Line Data and Key Metrics Changes - The Construction Equipment segment saw new and used equipment sales increase by nearly $22 million, a 15% increase year-over-year, driven by strong demand in northern regions [17][19] - Material Handling segment revenues were modestly up quarter-over-quarter, but down year-over-year due to cautious spending among automotive and general manufacturing customers [7][19] - Master Distribution segment revenues increased by 25% to $20.9 million, driven by stronger dealer engagement and channel activity [9] Market Data and Key Metrics Changes - The Midwest and Canadian operations outperformed last year, particularly in aggregate and mining markets, while Florida's market remains resilient despite temporary pauses in private nonresidential projects [6][19] - The Material Handling customer base has been more affected by trade policy uncertainties, particularly among larger customers with greater import/export exposure [20] Company Strategy and Development Direction - The company is focused on capital allocation strategies, including a $30 million buyback program, and has repurchased nearly 1.2 million shares at an average price of $5.64 [11][25] - The outlook for the remainder of the year remains encouraging, especially with potential benefits from tax incentives in the One Big Beautiful Bill [11][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of the business model and the diversity of end markets providing stability through down cycles [11] - There is confidence in the construction segment's backlog and customer sentiment, which is expected to drive equipment purchases despite macroeconomic uncertainties [39] Other Important Information - The company continues to optimize its product support business, specifically in the construction segment, to drive labor gross margins higher and reduce SG&A spend [16] - The adjusted EBITDA guidance for 2025 has been slightly trimmed to a range of $171.5 million to $181.5 million, primarily due to tariff impacts and expected continued drag in product support and rental departments [23] Q&A Session Summary Question: Impact of the Big Beautiful Bill on demand - Management expects the Big Beautiful Bill to impact construction more than other segments, with potential benefits seen primarily in Q4 2025 [30] Question: Material Handling customer hesitancy - Bookings in July were strong, indicating that customer hesitancy may be subsiding, particularly for fleets due for replenishment [32][34] Question: SG&A discipline and expectations for the second half - Management believes they have found a good level for fixed costs and expects to maintain that level, while being open to increasing variable expenses related to sales [36] Question: Construction activity and customer purchasing behavior - Confidence in backlog is the primary driver for customer equipment purchases, with tax benefits being a secondary factor [39][40] Question: Geographic performance in construction - Florida remains strong, while other manufacturing-oriented regions show softer sentiment [46][48] Question: M&A opportunities - The company sees opportunities in M&A, particularly related to succession planning issues rather than solely economic cycles [50][51] Question: Margin profile and competitive environment - Margins are stabilizing, particularly in heavy equipment, while compact equipment faces more challenges [56][58] Question: Rental fleet utilization and rates - Utilization has improved but is still below targets, with rental rates remaining stable across product categories [59][62]

Core Viewpoint - Germany's exports showed a positive trend in June, driven by strong demand from China and the EU, marking a recovery from previous declines [1] Export Performance - In June, Germany's exports increased by 2.4% year-on-year and 0.8% month-on-month, totaling €130.5 billion [1] - The imports for the same month amounted to €115.6 billion [1] - Exports to EU member states rose by 2.4% month-on-month, while exports to non-EU countries decreased by 1.2%, with exports to China growing by 1.1% [1] Trade with the United States - Exports to the U.S. fell by 2.1% month-on-month in June, marking the third consecutive month of decline, with a year-on-year decrease of 8.4% [1] - For the first half of the year, exports to the U.S. decreased by 3.1% year-on-year [1] Industry Response - The President of the German Wholesale and Foreign Trade Association, Dirk Jandura, stated that the unpredictable trade policies of the U.S. have severely impacted Germany's foreign trade, leading to increased uncertainty and export losses [1] - There is a growing trend among German companies to seek alternative markets in response to the current situation [1] - Jandura called for the EU to establish more free trade agreements with other trading partners and to reform existing agreements [1]

Group 1: Core View - The growth of US soybeans is in good condition, and the trade policies between the US and other countries show no obvious signs of easing, putting pressure on the US market, but the downside space is expected to be limited. The current trade situation between China and the US may keep the Brazilian premium strong. The domestic market presents a situation of weak reality and strong expectation, with the NO1 contract expected to fluctuate strongly, but the short - term strong performance of soybean oil suppresses the performance of soybean meal. Follow - up attention should be paid to whether the USDA August supply - demand report will raise the US soybean yield per unit and the domestic import situation of Argentine soybean meal [6][7] - In terms of supply, the good - rate of US soybeans has risen to 70% this week. Although the rainfall in the production areas will be slightly less in the next two weeks without obvious high - temperature, the expected impact is limited. Under the pressure of the concentrated arrival of Brazilian soybeans, the domestic soybean crushing in August is expected to exceed 10 million tons, and soybean meal is expected to continue to be abundant. The purchase of ships from October to January is progressing slowly, and there is an expectation of inventory reduction in the far - month under the current China - US trade policy [6] - In terms of demand, the breeding cycles of pigs and poultry are expected to maintain high inventory, supporting feed demand. However, the policy aims to control the inventory and weight of pigs, which is expected to affect the far - month pig supply. Soybean meal has a high cost - performance ratio, and the pick - up volume is at a high level. In some areas, wheat replaces corn, reducing the demand for protein. The trading volume of soybean meal has increased this week [7] - In terms of inventory, the domestic soybean inventory has increased to a high level; soybean meal has a small inventory reduction but is still in the inventory accumulation cycle; the inventory days of soybean meal in feed enterprises have decreased [7] Group 2: Data Summary Basis Data - The basis data of soybean meal and rapeseed meal in different regions and time periods are presented, including the basis of soybean meal main contract in Zhangjiagang on August 6, the basis of 43% soybean meal spot, the basis of rapeseed meal spot, etc. For example, the basis of soybean meal main contract in Zhangjiagang on August 6 is - 23 [5] Spread Data - The spread data include the M9 - 1, M9 - RM9, RM9 - 1 spreads, the spot spread and the main - contract spread of soybean meal - rapeseed meal. For example, the M9 - 1 spread is - 46, and the spot spread of soybean meal - rapeseed meal in Guangdong is 281 [6] Other Data - The data also involve the US dollar - RMB exchange rate, the soybean CNF premium, the import soybean gross profit, the inventory of soybeans in Chinese ports and major oil mills, the inventory days of soybean meal in feed enterprises, the inventory of soybean meal in major oil mills, the start - up rate and the soybean crushing volume of major oil mills [6]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **US Economics** sector, specifically analyzing the **2Q GDP** performance and its implications for the economy moving forward [1][6]. Core Insights and Arguments 1. **GDP Growth**: The headline US GDP rose by **3.0%** quarter-over-quarter (q/q) seasonally adjusted annual rate (saar) in 2Q, a significant recovery from a **0.5%** decline in 1Q [1][9]. 2. **Domestic Demand**: Domestic demand was notably weaker, slowing to a **1.2%** pace from **2.7%** over the previous year, indicating a softening in both household and business spending [8][9]. 3. **Trade Volatility**: A **30.3%** drop in imports in 2Q, following frontloading in 1Q, artificially inflated the GDP figure, suggesting that the growth may not be sustainable [9][12]. 4. **Inflation Concerns**: Core PCE price inflation exceeded expectations at **2.54%** q/q annual rate, indicating potential upward risks to inflation forecasts [10][26]. 5. **Consumer Spending**: Real personal consumption rebounded to **1.4%** in Q2, driven by a **2.2%** increase in goods spending, particularly in motor vehicles, which rose **16.2%** [15][16]. 6. **Investment Trends**: Nonresidential fixed investment growth slowed, with structures investment declining by **10.3%** in 2Q, reflecting increased uncertainty in the private sector regarding capital spending [29][30]. 7. **Government Spending**: Government spending added modestly to growth, rising **0.4%** in 2Q, but federal spending fell **3.7%**, indicating a potential drag on future growth [28][37]. 8. **Future Outlook**: The outlook for GDP growth remains cautious, with expectations of a slowdown in the second half of the year due to restrictive trade and immigration policies [9][38]. Additional Important Insights - **Inventory Changes**: Changes in inventories contributed significantly to GDP volatility, with inventories subtracting **3.2 percentage points** from GDP in 2Q [13][39]. - **Weakness in Services**: Services spending showed a modest increase of **1.1%** in Q2, but this was still below the pace seen in 2024, indicating ongoing challenges in the services sector [17][24]. - **Residential Investment Decline**: Households sharply reduced residential investment, which fell by **4.6%** in the quarter, following a modest decline in 1Q [18][39]. - **Economic Factors**: The slowdown in economic activity is attributed to various factors, including payback effects, immigration restrictions, and policy uncertainty affecting spending and hiring plans [37][38]. This summary encapsulates the critical findings and projections discussed during the conference call, providing a comprehensive overview of the current state and future expectations of the US economy.

表：美国就业市场波动为美联 工人们在美国华盛顿州瓦帕托的一个农场包装玉米。 摄影师：Emree Weaver/Bloomberq 文斯·戈尔和莫莉·史密斯 2025年8月2日下午5:00 GMT+8 员 节省 C 明 5:15 今年上半年经济增长放缓后,美国劳动力市场出现波动--这是贸易政 策不确定性加剧的影响。 唐纳德·特朗普总统公布了一系列新关税,提高了美国对全球商品的平 均税率,进一步推进其重塑国际贸易和提振美国制造业的努力。许多 贸易伙伴的基准税率与特朗普4月份征收的关税相比. 仍维持在10%不 变。 就业市场低迷的迹象,以及进口关税上调导致通胀再次加速的风险, 是美联储官员在利率路径上产生分歧的两大因素。受上周五疲软就业 报告的影响,美国国债收益率下跌,因市场押注美联储最早将于9月降 息,而本周美国国债收益率维持不变。 加拿大央行维持利率不变,但如果经济走弱且通胀压力得到控制,则 可能进一步降息。日本央行也维持借贷成本不变。 以下是彭博社本周发布的有关全球经济、市场和地缘政治最新动态的 一些图表: 我们 过去三个月美国劳动力市场急剧放缓 5 月和 6 月的数据被下调了近 26 万个就业岗位 ■ Ch ...